The dominance of agency theory can reduce our collective scope to analyse private equity in all its diversity and depth. We contribute to theorisation of private equity by developing a contrasting perspective that draws on a rich tradition of virtue ethics. In doing so, we juxtapose 'private equity' with 'public good' to develop points of rhetorical and analytical contrast. We develop a typology differentiating various forms of private equity, and focus on the (...) 'take private' form. These takeovers are where private equity funds are used to buy all a firm's publicly listed shares. Take private deals reduce reporting requirements and lessen the amount of public scrutiny a firm comes under. They allow greater control of a firm's assets and resources but also have effects in terms of the wider social fabric. The 'public good' and virtue ethics offer an alternative basis for theorisation of these deals. This provides a needed contrast to accounts of private equity based on agency theory. (shrink)

This article explains how the private equity-leveraged buyout type of financial institution (PE-LBO) operates as a form of finance capitalism. PE-LBO capitalism is described and compared with other types of capitalism such as family business capitalism, managerial capitalism, and other forms of finance capitalism such as shareholder value capitalism. Ethical and social issues structurally related to the PE-LBO form are analyzed. Potential reforms and/or solutions are considered.

This article explains how the private equity-leveraged buyout type of financial institution operates as a form of finance capitalism. PE-LBO capitalism is described and compared with other types of capitalism such as family business capitalism, managerial capitalism, and other forms of finance capitalism such as shareholder value capitalism. Ethical and social issues structurally related to the PE-LBO form are analyzed. Potential reforms and/or solutions are considered.

The recent global financial crisis and economic recession has generated renewed inquiry into and debate over optimal regulation of financial sectors. One such topic of interest concerns how to define, monitor, and regulate the responsibilities of private equity investors. Waves of private equity acquisitions have occurred since the 1980s. The more negative aspects of private equity investment are now under renewed scrutiny. The topic has wide scope, including the recent GM and Chrysler situations. A (...) recent lawsuit by Mervyn’s LLC, a retail department chain operating mostly in California, filed against its private equity owners highlights some of the complex issues in this topic area. The paper examines the Mervyn’s situation based on public information; and places the lawsuit in the broader scope of the topic area. The paper examines the Chrysler situation based on public information; and reports the changes in Chrysler ownership. (shrink)

This is the first book to address private equity and health care. It raises the curtain on an industry notorious for its secrecy, exposing the dark side of its maneuvers. The book reveals the dynamics that enable financial engineering and other predatory private equity tactics and the consequences for health care businesses, clients, taxpayers, front-line workers and society at large.

This article examines how private equity returns in Asia are related to levels of legal protection and corruption. We utilize a unique data set comprising over 750 returns to private equity transactions across 20 developing and developed countries in Asia. The data indicate that legal protections are an important determinant of private equity returns in Asia, but also that private equity managers are able to mitigate the potential for corruption. The quality of (...) legal system (including legal protections) is positively related to returns. Inefficient legal protections negatively impact transaction structures and economic certainty when exiting investments. We also find that private equity managers, irrespective of the quality of legal system they are operating within, can mitigate the potential impact of corruption. Private equity returns are higher in countries with higher levels of corruption, controlling for legal systems. This finding is consistent with the view that private equity managers bring about organizational change to alleviate the costs of corruption. Our findings are robust to inclusion of controls for Hofstede cultural variables, economic conditions, and transaction specific characteristics, as well as consideration of econometric sample selection methods for unexited investments. (shrink)

Using PitchBook’s private equity database of 4548 PE funds from 42 countries for the 2000 to 2012 period, we find that higher reporting frequency is associated with lower information asymmetry in performance reports from general partners to limited partners. We also find that endowments are systematically associated with less reported unrealized returns as a percentage of total returns generated from GPs. Moreover, endowments receive more performance reports from their PE funds, implying more stringent governance. These findings persist after (...) controlling for various institutional and GP characteristics and are robust to several adjustments for endogeneity concerns. This study also contributes to the finance, accounting, and business ethics literature on financial reporting quality. (shrink)

This article studies institutional investor allocations to the socially responsible asset class. We propose two elements influence socially responsible institutional investment in private equity: internal organizational structure, and internationalization. We study socially responsible investments from Dutch institutional investments into private equity funds, and compare socially responsible investment across different asset classes and different types of institutional investors (banks, insurance companies, and pension funds). The data indicate socially responsible investment in private equity is 40–50% more (...) common when the decision to implement such an investment plan is centralised with a single chief investment officer. Socially responsible investment in private equity is also more common among institutional investors with a greater international investment focus, and less common among fund-of-fund private equity investments. (shrink)

The analysis of the financialization of food and farming has tended to focus on issues such as the impact on the productive and input sectors of the food chain, including the role of asset management companies, private equity consortia and other financial institutions in acquiring and managing farmland. However, processes of financialization impact along the whole agri-food supply chain, including the retail and food service sectors. This paper analyses the take-over by a private equity company of (...) Somerfield, one of the UK’s leading supermarket chains, and the impact the subsequent restructuring had on the management and organization of the retailer’s operations. In doing so, the paper not only extends the analysis of the effects of financialization on the food system, but also raises questions about the extent to which the supermarkets are the dominant actors in the establishment and management of agri-food supply chains. (shrink)

The growth of socially responsible investment (SRI) on public financial markets has drawn considerable academic attention over the last decade. Discarding from the previous literature, this article sets up to analyze the Private Equity channel, which is shown to have the potentiality to foster sustainable practices in unlisted companies. The fast integration of the environmental, social and governance issues by mainstream Private Equity investors is unveiled and appears to have benefited from the maturation of SRI on (...) public financial markets and the impetus of large conventional actors. Hypotheses on the characteristics and drivers of this movement are proposed and tested on a unique database covering the French Private Equity industry in 2011. Empirical findings support that Private Equity socially responsible investing is characterized by investor engagement and strategically driven by a need for new value creation sources, increased risk management and differentiation. In particular, results show that independent funds, which need to attract investors, are more likely than captive funds to develop socially responsible practices. Evolution of the movement and future research paths are proposed. (shrink)

In this article, we apply the UN Guiding Principles on Business and Human Rights to the private equity (PE) business model. PE firms often adopt a controversial, ‘value extractive’, business model based on high debt and extreme cost-cutting to generate investor returns. PE firms own large numbers of companies, including in many rights-related sectors. The model is linked to increased human rights risks to workers, housing tenants, and in privatized health and social care. We map these risks and (...) analyse the human rights responsibilities of PE firms. Our analysis has major implications for understandings of human rights responsibility. We argue that value extractive methods are the root cause of eventual harm to human rights, even though they may not harm rights directly. To respect human rights, PE firms must mitigate the risks of these value extractive methods. We define how human rights due diligence (HRDD) could achieve this and argue that given the extent of harm and the lack of a business case for adopting such a view of human rights responsibility, business strategy level HRDD should be a core component of forthcoming HRDD laws. (shrink)

This article argues that the peculiarly ‘common law tradition’ separation of common law and equity had at its origins a principled basis in the concept of ‘conscience’. But ‘conscience’ here did not mean primarily either the modern lay idea, or the ‘conscience’ of Christopher St German's exposition. Rather, it referred to the judge's, and the defendant's, private knowledge of facts which could not be proved at common law because of medieval common law conceptions of documentary evidence and of (...) trial by jury. The concept of a jurisdiction peculiarly concerned with this issue allowed the ‘English bill’ procedure to be held back to a limited subject area rather than—as in Scotland and the Netherlands—overwhelming the old legal system. By the later 17th century, however, the concept of conscience had lost its specific content, leaving behind the problem, still with us, of justifying the separation of ‘equity’. (shrink)

Modern health care rhetoric promotes choice and individual patient rights as dominant values. Yet we also accept that in any regime constrained by finite resources, difficult choices between patients are inevitable. How can we balance rights to liberty, on the one hand, with equity in the allocation of scarce resources on the other? For example, the duty of health authorities to allocate resources is a duty owed to the community as a whole, rather than to specific individuals. Macro-duties of (...) this nature are founded on the notion of equity and fairness amongst individuals rather than personal liberty. They presume that if hard choices have to be made, they will be resolved according to fair and consistent principles which treat equal cases equally, and unequal cases unequally.In this paper, we argue for greater clarity and candour in the health care rights debate. With this in mind, we discuss (1) private and public rights, (2) negative and positive rights, (3) procedural and substantive rights, (4) sustainable health care rights and (5) the New Zealand booking system for prioritising access to elective services. This system aims to consider: individual need and ability to benefit alongside the resources made available to elective health services in an attempt to give the principles of equity practical effect. We describe a continuum on which the merits of those, sometimes competing, values—liberty and equity—can be evaluated and assessed. (shrink)

This book is the fourth in a series of essay collections on defences in private law. It addresses defences to liability arising in equity. The essays range from those adopting a mainly doctrinal perspective to others that explore the law from a more philosophical perspective. Some essays concentrate on specific defences, while others are concerned with the links between defences, or with how defences relate to the structure of the law of equity generally. One aim of the (...) book is to shed light on equitable doctrines by analysing them through the lens of defences. The essays offer original contributions to this complex, important but neglected field of scholarly investigation. The contributors – judges, practitioners and academics – are all distinguished jurists. The essays are addressed to all of the major common law jurisdictions. (shrink)

This article explores how health governance has evolved into an enormously complicated—and inequitable and exclusionary—system of privatized, fragmented bureaucracy, and argues for addressing these deficiencies and promoting health justice by radically deepening democratic participation to rebalance decision-making power. It presents a framework for promoting four primary outcomes from health governance: universality, equity, democratic control, and accountability, which together define health justice through deep democracy. It highlights five mechanisms that hold potential to bring this empowered participatory mode of governance into (...) health policy: participatory needs assessments, participatory human rights budgeting, participatory monitoring, public health care advocates, and citizen juries. (shrink)

Orthodox ideas of ownership tend to depict property as a private domain that expresses the owner?s formal rights. Yet equity does much to resist this outlook, deploying ethically-loaded ideas such as conscience and articulating an interpersonal and distinctly duty-driven character to property relations. Focusing on English case law, this article suggests that we can gather various strands of equitable property norms, particularly those derived from the constructive trust, around relationships of responsibility and vulnerability. Furthermore, the article asks what (...) such equitable ideas about property might therefore tell us about the purportedly possessive character of human subjectivity. Rather than constructing people as sovereign, autonomous proprietors, we might read equity as tracing an ethical quality to the way we perceive ourselves and others through property-related ideas. (shrink)

The well-field system of land division was advocated by the classical Confucian Mencius and also by the Neo-Confucian Zhang Zai 張載 , both of whom, I argue, were philosophers of qi 氣 . In this system, land is divided into the shape of the Chinese character jing 井 . The outer eight parts would be private and cultivated by eight families, respectively, and the center part would be communal and fostered together in order to pay taxes.1 I argue that (...) the function of the well-field system is consistent with the role of ritual propriety in Zhang Zai’s philosophy of qi, which emphasizes the realization of “great harmony” , which is a state of vital .. (shrink)

The key objective of this paper is to emphasize the importance of acknowledging breastfeeding as an embodied social practice within interventions related to breastfeeding and lactation and illustrate how this recognition holds implications for public health ethics debates. Recent scholarship has shown that breastfeeding and lactation support interventions undermine women’s autonomy. However, substantial discourse is required to determine how to align with public health goals while also recognizing the embodied experiences of breastfeeding and lactating individuals. Presently, interventions in this realm (...) predominantly revolve around health-related messaging and the promotion of individual behaviors, often neglecting the systemic and structural factors that influence choices and practices. I closely examine breastfeeding interventions in India, in particular Mothers’ Absolute Affection health promotion program, along with breastfeeding narratives. I argue that for such interventions to evolve, they must acknowledge the intrinsic embodied social nature of breastfeeding during their design and implementation. Furthermore, it is important to emphasize that achieving equity and justice objectives necessitates moving beyond the confines of both conventional public health frameworks and frameworks solely centered on private choices. Instead, a more encompassing approach that embraces the concept of embodiment should be adopted. (shrink)

The World Economic Forum has called dementia one of the biggest global health crises of the 21st century. In this paper, I make the case that unpaid caregiving by family or close others of persons living with dementia should be a matter of public health. Shaji and Reddy proposed this in 2012 in the context of dementia care in India. They explicitly acknowledge the influence of Talley and Crews’ 2007 article on caregiving as an emerging public health concern. However, they (...) narrow their proposal to caregiving for persons living with Alzheimer’s disease and related dementias (ADRD), which I take to be an important first step in building an argument for putting caregiving more firmly on a public health agenda. In order to support my claim, first, I establish that caregiving is a social determinant of health. Second, I counter objections to the addition of caregiving for persons living with ADRD to a public health agenda, as it would lead to public health mission creep. I then argue that a broad understanding of public health can be inclusive of this type caregiving and is preferable as it highlights an issue of health equity, the gendered nature of caregiving. Finally, I make the case that a definition of public health inclusive of the social determinants of health and caregiving is more adequately suited to address the health consequences of the current changing demographic patterns. My argument adds support to writings on migration calling for broadening the scope of public health. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:502 Feminist Studies 46, no. 2. © 2020 by Feminist Studies, Inc. Jaime Madden Teaching Online: Issues of Equity and Access in Writing-centric Formats The COVID-19 pandemic has turned us all into online teachers. In the context of this crisis, we have quickly learned new technologies and the affordances of asynchronous and synchronous delivery. We have grappled with the challenges of building community and supporting active engagement, and (...) we have turned to adapting our assessment methods for the remote environment. We have done this work at traditional colleges and universities, where online teaching was formerly the purview of graduate students and adjunct instructors. Online learning can no longer be associated with those who struggle to access traditional classrooms, such as disabled students and those who attend for-profit colleges. Instead, access to online learning can now be associated with access to wealth and to health—specifically as relates to avoiding contact with the virus. In K-12 education, we have seen districts that largely enroll white students make the decision to continue online or go hybrid for the fall 2020 semester, whereas those that largely enroll students of color are returning to the classroom.1 Inequalities pervade the teaching landscape as well. Teaching is not a job usually marked as high risk, but within this environment, some 1. The work of activist and artist @bmore_radical shows how these decisions are being made in Baltimore, Maryland. See https://www.instagram.com /bmore_radical/?hl=en. Jaime Madden 503 bodies suffer at higher rates. In a recent article published in this journal, coauthors writing as the Brocher Foundation Feminist Collective describe their experience and knowledge “of the ways that academia produces sickness.”2 The authors are white and cisgender women at Anglo-American and European universities, and even though they acknowledge that they did not experience high levels of racism, classism, linguistic marginalization, and/or illness, they still found themselves—at different stages of their careers—“worn thin” in a system where “bodies are disposable.”3 Commenting on this problem in another context, disability studies scholar Alison Kafer notes that disability is “more fundamental, more inevitable, for some than others.”4 The pandemic has made this much clear: able-bodied people are “temporarily able-bodied,” and those who experience racism and classism are among the most frequently and intensely sickened. In attending to how teachers and students transition online en masse, we need to consider how we are differently positioned within institutions governed by the logics of racialized capitalism. It is important to recognize not only which students can access these online spaces but also which skills such spaces tend to reward. It is also important to ask which teachers are disproportionately impacted by the transition online. In this piece, I describe the challenges of assessment and then wrestle with broader questions of access as a scholar invested in feminist studies and disability studies. The tension in online education between its promise of access and its methods of assessment is, I argue, worthy of urgent attention. The Challenges of Assessment I have taught online courses at four institutions: two private colleges and two public universities. Good teaching and learning can undoubtedly happen across a range of spaces. In online environments, I have found that my best teaching happens in the feedback I give students. 2. Laura Bisaillon, Alana Cattapan, Annelieke Driessen, Esther van Duin, Shannon Spruit, Lorena Anton, and Nancy S. Jecker, “Doing Academia Differently: ‘I Needed Self-Help Less Than I Needed a Fair Society,” Feminist Studies 46, no. 1 (2020): 132. 3. Bisaillon, et al., “Doing Academia Differently,” 136, 140. 4. Alison Kafer, Feminist, Queer, Crip (Bloomington: Indiana University Press, 2013), 26. 504 Jaime Madden This is understandable since assessment practices are important teaching opportunities in all contexts. In online environments, and particularly in asynchronous teaching, I have found that it is while carrying out assessments of student work that my most intense teaching occurs. It is through grading and offering comments on papers and assignments that I am most directly in communication with students as their teacher. When I mark student work, I ask questions of students, I prompt them to consider how our course materials may be placed... (shrink)

The newly private corporation challenges scholars to re-examine corporate social responsibility under a markedly different governance system. We theorize regarding the implications of public corporations going private through use of private equity. The new governance system includes few owners and an expert, involved board of directors; combined with a greatly reduced public presence, public-to-private firms are proposed to place greater emphasis on financial performance and lesser emphasis on social performance. Several variables are proposed to moderate (...) the lesser emphasis on social performance. (shrink)

The aims of this paper are threefold. The first aim is to provide a critique of the reform proposal of the Harvard School of Public Health for Hong Kong's health care system through privatization of the public sector services. The second aim is to argue for the duty of society to guarantee every member equal access to a basic level of health care based on the values of equity, care and free choice. The third aim is to explore some (...) suggestions about delivery structures and financial arrangements of a dual sector health care system which will better enable society to provide a basic level of health care that is sustainable and affordable, while being at the same time consistent with the values of care, equity and free choice. (shrink)

China’s historical mixed-ownership reform (the Reform) has prioritized enhancing the efficiency and financial performance of its large state-owned enterprises (SOEs) through introduction of partial private-sector equity ownership. However, the presence of a significant gap between China’s private enterprises’ corporate social responsibility (CSR) practices and those of its SOEs suggests potential for Reform-related ownership changes to negatively impact economy-wide CSR performance. We therefore examine the Reform’s impact on private acquirer firms’ CSR practices. We use a proprietary data (...) set of firms listed on the Shanghai and Shenzhen Stock Exchanges, covering the 2011–2015 period. Our findings identify that private firms can enhance their economic and political status through acquiring equity in state-controlled or SOEs and, following this, improve their CSR practices. Our findings have policy implications in the context of the world’s largest emerging market and, more generally, for SOE ownership reform in emerging and transition economies. (shrink)

The scholarly literature suggests high or increased tax burdens tend to reduce economic growth, lowering incomes. Some argue, however, that low taxes and high economic growth can have adverse income distribution consequences or can lead to utility-reducing under-consumption of needed public goods. Evidence is presented questioning those assertions. People seek happiness by moving, and tend to migrate to low tax areas. Moreover, there is little evidence that governmental expansion leads to truly greater equality. Appropriately measured, income equality is actually far (...) greater than typically claimed. Moreover, income data suggest that the international equalization of incomes and global reduction of poverty largely reflect private sector activity, namely market forces working where the rule of law and strong protection of property rights prevails. (shrink)

Although there is a long-standing international debate concerning the privatization and corporatization of health services, there has been relatively little systematic analysis of the ways these types of reform manifest. We examine the impact of privatization and corporatization on public hospitals, and in particular on hospitals’ autonomy and accountability, with two aims: to uncover the key themes in the literature, and to consider implementation issues. The review of 2,319 articles was conducted using content analysis and a discussion of selected key (...) issues. Several major themes appear in the privatization and corporatization literature, including their use as tools in health systems reform, and the role of governments in sponsoring the processes. We show that much of the underlying argument is ideological rather than evidence based. Those who promote versions of privatization or corporatization claim that decreased government involvement in the management of hospitals leads inter alia to benefits such as greater efficiency, better quality services, and increased choice for patients. Those who argue against say that increased privatization leads to deleterious outcomes such as decreased equity, compromised efficiency and poorer quality of care. The evidence is often weak and at times conflicting. Privatization and corporatization are difficult to implement, and at best produce mixed results, and their impact seems to depend more on the motivation of the evaluator than the standard of the results. These debates are of a type that is to a large extent only resolvable ideologically. (shrink)

We argue that for theorists with a post-institutional conception of property, e.g., Rawlsians, there is no principled reason to limit the domain of distributive justice to tax and transfer-both tax policy and the rules of the private law are constructed in service to distributive aims. Such theorists cannot maintain a commitment to a normative conception of private law independent of their overarching distributive principles. In contrast, theorists with a pre-institutional conception of property can derive the private law (...) from sectors of morality independent of distributive justice. Nevertheless, we argue, this does not entail that the private law, for pre-institutional theorists, must be sanitized of equity-oriented values. Non-libertarian pre-institutional theorists holding principled commitments to equity-oriented values are free to invoke either tax and transfer or the rules of the private law to attain them. Footnotesa We are grateful to John G. Bennett, Harry Dolan, Edward McCaffery, and Ellen Frankel Paul for written comments on a previous draft and to Eric Mack, Fred Miller, Jeffrey Paul, A. John Simmons, and the other contributors to this volume for valuable discussions. (shrink)

In the case discussion, ‘Equity in Public Health Ethics: The Case of Menu Labelling Policy at the Local Level’ , Mah and Timming state that menu labelling would ‘place requirements for information disclosure on private sector food businesses, which, as a policy instrument, is arguably less intrusive than related activities such as requiring changes to the food content’. In this commentary on Mah and Timming’s case study, I focus on discussing how menu-labelling policy permits governments to avoid addressing (...) the heart of the problem, which is high-calorie, high-sodium restaurant food. Menu labelling policy does not address food content in a way that is meaningful for change, instead relying on individuals to change their behaviour given new information. Besides having questionable efficacy, this raises concerns about moralizing food choices. (shrink)

The 1983 health reform in Greece was a major political event in the social policy agenda. The main objective of the reform was the institution of a National Health System and the expansion of the health sector, improved equity, and the assumption of full responsibility for health services delivery by the state. An assessment of the results 10 years after full implementation of the reform shows that despite the expansion of the public sector, the public-private mix in financing (...) and delivery has changed in favour of the private sector, making the Greek health system the most ‘privatised’ among the EU countries. The main reasons why the health reform failed to meet its objectives was the restrictive enforcement of full-time and exclusive hospital employment for doctors, the virtual ban on private hospital expansion, the much faster introduction and diffusion of new health technology by the private sector, and poor management, planning and control in the public sector. A new health reform voted into law in the summer of 1997 shows promise of redressing some of the shortcomings of the 1983 reform. (shrink)

This paper explores Peter Jaffey’s views on the trust and fusion and some aspects of his wider private law theory which impact on his view on trusts law. It shows that, although he is correct that the trust involves both proprietary and personal rights, in the end his theory is ahistorical and unDworkinian, despite his acceptance of a view of law based on Dworkin. His theory is also based on implausible views of the role of equity post-Judicature Acts (...) and the ownership of value and does not adequately fit how trusts law works. (shrink)

This essay examines neoconservative criticisms of equity planning, and the challenges against the right of government to regulate local development and land use. The specific concern of this essay is how, or if, local development administrators (equity planners), should use their discretionary powers to ensure that city officials and private developers promote and protect the interests of urban residents, particularly the poor and disadvantaged. The essay begins by discussing the alleged conflict said to exist between needy urban (...) residents and the more secure urban taxpayers. The contrary views of equity planners are then reviewed, and the tensions within the neoconservative arguments are exposed and critiqued. Finally, the dispute between equity planners and neoconservatives is further explored by examining the dispute over the voucher system to address the problem of equal educational opportunity in urban communities. (shrink)

Smart-home technologies, comprising environmental sensors, wearables and video are attracting interest in home healthcare delivery. Development of such technology is usually justified on the basis of the technology’s potential to increase the autonomy of people living with long-term conditions. Studies of the ethics of smart-homes raise concerns about privacy, consent, social isolation and equity of access. Few studies have investigated the ethical perspectives of smart-home engineers themselves. By exploring the views of engineering researchers in a large smart-home project, we (...) sought to contribute to dialogue between ethics and the engineering community. Either face-to-face or using Skype, we conducted in-depth qualitative interviews with 20 early- and mid-career smart-home researchers from a multi-centre smart-home project, who were asked to describe their own experience and to reflect more broadly about ethical considerations that relate to smart-home design. With participants’ consent, interviews were audio-recorded, transcribed and analysed using a thematic approach. Two overarching themes emerged: in ‘Privacy’, researchers indicated that they paid close attention to negative consequences of potential unauthorised information sharing in their current work. However, when discussing broader issues in smart-home design beyond the confines of their immediate project, researchers considered physical privacy to a lesser extent, even though physical privacy may manifest in emotive concerns about being watched or monitored. In ‘Choice’, researchers indicated they often saw provision of choice to end-users as a solution to ethical dilemmas. While researchers indicated that choices of end-users may need to be restricted for technological reasons, ethical standpoints that restrict choice were usually assumed and embedded in design. The tractability of informational privacy may explain the greater attention that is paid to it. However, concerns about physical privacy may reduce acceptability of smart-home technologies to future end-users. While attention to choice suggests links with privacy, this may misidentify the sources of privacy and risk unjustly burdening end-users with problems that they cannot resolve. Separating considerations of choice and privacy may result in more satisfactory treatment of both. Finally, through our engagement with researchers as participants this study demonstrates the relevance of ethics as a critical partner to smart-home engineering. (shrink)

Are there any business decisions that do not have an ethical dimension? Who decides that a decision is unethical? What impact does ethics have in today’s business environment? The case focuses on the development of Hawaii’s first public-private venture capital fund by three very different entities: the State of Hawaii economic development corporation; a US mainland-based private equity investment firm; and a partnership of two serial entrepreneurs. The case uses a progressive disclosure format so students only read (...) and analyze the actions and ethical issues that occur at a specific point in time: creation of the venture capital fund; selection of startups to be included in the fund’s investment portfolio; and public reaction to decisions and actions by the fund. The case frames the issues confronted at each point as ethical dilemmas. Analysis includes answering questions and formulating recommendations or solutions to each dilemma. (shrink)

The migration of publicly-held companies to private status through use of private equity has been both lauded and lambasted. While agency theorists praise the public-to-private or PTP firm as being an efficient form of corporate governance, others suggest that going private allows owners and managers to extract, rather than add, value.We contribute by developing a categorization of the potential sources of value for the PTP firm. We analyze the effects of each source of value, and (...) find that there are specific negative effects for non-equity stakeholders associated with several sources. Our analysis indicates that the degree to which value is added versus extracted will vary across firms; yet, all will tend to engage in some value extraction. Policy implications are discussed. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Lord Nottingham and the Conscience of EquityDennis R. KlinckI. Introduction"There is nothing more in our Mouths than Conscience," wrote John Sharp in the 1680s, echoing a sentiment that had been expressed before in the seventeenth century.1 Indeed, one modern writer has observed, uncontroversially, that that century "can justly be called the Age of Conscience."2 Among the foci of this preoccupation one can identify such topics as moral and religious (...) casuistry and "liberty of conscience." My focus in this paper is somewhat different: conscience as a criterion of judgment in the Court of Chancery—the court of equity—and particularly its meaning for Heneage Finch, Lord Nottingham, successively Lord Keeper and Lord Chancellor from 1673 to 1682, a seminal figure in the history of English equity.The intimate connection of conscience with the equitable jurisdiction [End Page 123] is a commonplace,3 and certain aspects of it have been quite thoroughly studied.4 A central problem that has been identified with resort to conscience as a criterion of legal judgment is its subjective and hence ostensibly arbitrary nature. This concern goes back a long way. Thomas Audley, in 1526, argued that conscience was an uncertain ground of law because "it depended upon the 'arbitrament' of one man, the chancellor alone."5 The author of The Replication of a Serjeant at the Laws of England similarly raised the complaint of "divers men, divers conscience."6 No doubt the most remembered comment of this sort is John Selden's that the spaciousness of chancellors' consciences might vary as much as the length of their respective feet, so that equitable adjudication on the basis of conscience was "a roguish thing."7 Nottingham himself balked at the idea that justice might be dispensed according to the kind of conscience that amounted only to "the pleasure of a Court which took upon itself to be purely arbitrary."8Indeed, as the father of systematic equity,9 Nottingham apparently devoted himself to the project, undertaken in some measure by certain of his predecessors,10 of making the jurisdiction regular. He repeatedly makes this [End Page 124] point. In the case just cited, he observes that "equity itself would cease to be Justice if the rules and measures of it were not certain and known" and that "conscience" has to be "dispensed by the rules of science" (639). "Rules," "measures," and "science" are by-words of his preoccupation. Elsewhere, he asserts that "if equity be tied to no rule... everything becomes arbitrary."11At the same time, he did not abandon conscience as a kind of touchstone of equity. He refers to it repeatedly, and often speaks of Chancery as a "court of conscience,"12 as if this was a perfectly natural way of describing it. So the question becomes: how did he reconcile the tendency towards arbitrariness thought to be implicit in "conscience" with the ruled, measured, scientific system that he sought to develop? Or putting the question slightly differently: how did he understand or limit the notion of "conscience" so as to make it compatible with the "regular equity" to which he aspired?What appears to have been a crucial distinction for Nottingham in this regard was that between private conscience and public, or perhaps civic, conscience. In the Prolegomena, he says that "there is a twofold conscience, viz. conscientia politica et civilis, et conscientia naturalis et interna" and that "[m]any things are against inward and natural conscience, which cannot be reformed by the regular and political administration of equity" (194). He makes the point again in "the great case" of Cook v. Fountain: "With such a conscience which is only naturalis et interna this Court hath nothing to do; the conscience by which I am to proceed is merely civilis et politica, and tied to certain measures...."13 As Yale points out, this distinction was not new with Nottingham. The distinction between the forum internum and the forum externum was venerable;14 an anonymous Elizabethan case distinguishes between matters of conscience in which equity will intervene and those that must be left to the party's own moral judgment;15 Francis Bacon recognized, at least as alternatives, a party... (shrink)

This paper represents the first attempt to apply vertical equity principles to the South African health sector. A vertical equity approach, which recognises that different groups have different starting points and therefore require differential treatment, appears to offer an appropriate basis for considering how best to redress the vast inequities which exist in post-Apartheid South Africa. Vertical equity principles are applied in critically analysing two areas of recent policy action which are particularlyrelevant to health sector equity (...) in South Africa, namely public-private sector cross-subsidies and the allocation of government resources between provinces. Despite a strong political commitment to redressing historical inequities, recent government policy actions in these two areas appear to fall short of desirable goals when viewed through a vertical equity lens. In particular, policies since the first democratic elections in 1994 have done little to reduce the extent of government subsidies to the private health sector, which serves a minority of the population. In addition, recent proposals for a Social Health Insurance will allow minimal cross-subsidies between high- and low-income earners and would not adequately redress the currently inequitable public-private cross-subsidies. With respect to the allocation of government resources between provinces, a vertical equity approach would suggest that the most historically dis-advantaged provinces have an even greater claim on government resources than reflected in the current formula, as developed by the Department of Finance. This paper also considers the potential benefits of engaging with societal views in determining what constitutes dis-advantage in the South African context, in order to identify those who should receive priority in resource allocation decisions. It concludes with a review of a number of practical steps that can be taken to draw vertical equity principles into policy action. (shrink)

This article argues that lawyers are not doing enough to eradicate the needless differences in terminology used, and the substantive inconsistencies, between common law and equity. In developing this argument, three categories within English private law are recognized. First, where common law and equity co‐exist coherently, and where the historical labels of common law and equity remain useful terminology. Second, where common law and equity co‐exist coherently but there is nothing to be gained by adherence (...) to those labels which could, and should, be excised at a stroke. And third, where common law and equity do not co‐exist coherently and a change in the law, albeit often only a small change, is needed to produce a principled product. As a general illustration of what the third category comprises, and what fusion requires, one wide‐ranging and practically very important area within the third category is focused on, namely monetary remedies for civil wrongs. (shrink)

This paper identifies and examines the possible contributions that emerging fields of study, particularly feminist public health, can make to enhancing and expanding trans/feminist theory and practice. A feminist public-health approach that is rooted in a tradition of political economy, social justice and equity studies, and an anti-oppression orientation, provides one of the most comprehensive "toolboxes" of perspectives, theoretical frameworks, methods, practices, processes, and strategies for trans-oriented scholars and activists.

This essay examines neoconservative criticisms of equity planning, and the challenges against the right of government to regulate local development and land use. The specific concern of this essay is how, or if, local development administrators (equity planners), should use their discretionary powers to ensure that city officials and private developers promote and protect the interests of urban residents, particularly the poor and disadvantaged. The essay begins by discussing the alleged conflict said to exist between needy urban (...) residents and the more secure urban taxpayers. The contrary views of equity planners are then reviewed, and the tensions within the neoconservative arguments are exposed and critiqued. Finally, the dispute between equity planners and neoconservatives is further explored by examining the dispute over the voucher system to address the problem of equal educational opportunity in urban communities. (shrink)

In bioethics and health policy, we often discuss the appropriate boundaries of public funding; how the interface of public and private purchasers and providers should be organized and regulated receives less attention. In this paper, I discuss ethical and regulatory issues raised at this interface by three medical practice models in which physicians provide insured services while requiring or requesting that patients pay for services or for the non-insured services of the physicians themselves or their associates. This choice for (...) such practice models is different from the decision to design an insurance plan to include or exclude user fees, co-payments and deductibles. I analyze the issues raised with regards to familiar health care values of equity and efficiency, while highlighting additional concerns about fair terms of access, provider integrity, and fair competition. I then analyze the common Canadian regulatory response to block fee models, considering their extension to wellness clinics, with regards to fiduciary standards governing the physician–patient relationship and the role of informed consent. I close by highlighting briefly issues that are of common concern across different fundamental normative frameworks for health policy. (shrink)